The healthcare industry is complex and faces ongoing challenges such as increasing costs, healthcare reform and decreasing reimbursements. We are well-versed in best practice policies on tax issues unique to healthcare clients and offer specialist accounting and bookkeeping services to all healthcare professionals.
Our medical accountants can visit your practice to consult with you, create a three to five year growth plan, and help you improve your Medicare and client billing processes. Whether you need someone to look after your bookkeeping on a personal level or at a practice level, we're here for you.
We offer healthcare professionals a variety of services that are tailored to the unique needs of the medical profession, including tax planning, cashflow analysis, practice valuations, payroll services, and more.
We've been providing tax and accounting advice to healthcare professionals for more than 40 years and understand that tax obligations are more complex in the medical sector than in other industries.
We can help medical professionals develop an innovative approach to modernising their practice or correctly structuring a new one through software implementation and conversion.
We have extensive experience in helping healthcare professionals achieve their financial goals, whether individual practitioners or large medical groups and practices.
Over the last 15 years, we've assisted an oral and maxillofiacial surgeon with all aspects of his tax management and planning. We've advised on investments to minimise tax including an investment property which was successful for annual deductions as well as capital growth. We've also maximised wealth within his SMSF investments.
By converting to cloud-based technology, we have introduced more efficient and time-effective processes to our client's practice and enabled him to accumulate wealth in the most tax-effective way. Our client's tax and investment strategies are now aligned, enabling him to contemplate international investments.
At Liston Newton Advisory, we have a long history of working with healthcare professionals and can assist with everything from tax planning advice to cloud-based accounting systems; from entry or exit of partners to purchase or sale of practices.
We understand that our clients have different needs and that those working in the medical sector require a simple and coordinated approach to financial management and planning. We can confidently provide accounting and taxation services as well as business structure advice and software installation and training.
We recommend the use of applicable tax planning strategies including purchasing equipment less than the $20,000 to take advantage of small business concessions, putting money into SMSF, and distributing money within a trust to general beneficiaries such as parents, children, partners and siblings.
When running a business, most items are tax deductible if they have a direct connection to the service you are providing. However, some items such life insurance that relate to personal welfare and not business gains are considered private in nature and therefore not deductible.
The use of cloud-based integrated software such as Xero can provide you with the ability to set monthly budgets and forecast for when large expense such as insurances, WorkCover and payroll are due to be paid. Having dedicated client software can enable you to manage your cash flow more effectively.
Negatively geared investments properties are the best investments that you can list to reduce your tax bill.
It has become increasingly difficult to set up these arrangements as the ATO looks at these closely and there are several tests that must be passed. But it still can be suitable in some circumstances and will largely depend on your individual situation.
Whatever your vocation in the medical profession, we can help you meet your business needs and grow your finances. Talk to our team about your goals today.